SEC reviewing Adobe's stock options offer to employees

JohnLetzing

SAN FRANCISCO (MarketWatch) -- Adobe Systems Inc. said Tuesday it is delaying the deadline for its employee stock option amendment offer, due to a review by the Securities and Exchange Commission. Adobe
ADBE, +0.60%
said in a release that "the staff of the SEC has selected our Offer documents for review," adding that, "while the review is pending, we will not complete the Offer. We are striving to respond to the staff's comments as promptly as possible." In October, Adobe announced an internal review of its stock options practices, and in January it said it found instances where employees had received improperly priced options. Adobe said then that it was making an offer to employees that had received improperly priced options to both have them amended, and to receive a related reimbursement. The company said at the time that there was a Feb. 1 deadline to accept the offer. Adobe said Tuesday the deadline has now been extended a fourth time, to Feb. 27th, though it said that date is also subject to change.

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